7 components of a complaint management program

by Amy Bailey, SWBC LenderHUB

We live in a day and age where consumers are all too happy to verbalize their complaints. Whether via Amazon reviews, Yelp, or social media posts, consumers have the ability to give their virtual thumbs up or down to let the world know how they feel about a product, service, or business.

For financial institutions, it’s particularly important to address consumer complaints. One of the most effective ways to do this is by implementing a comprehensive complaint management program. A complaint management process empowers financial institutions in the following ways:

  • Helps you to prevent member loss
  • Allows you to self-identify and take corrective action
  • Identifies opportunities for improvement

 

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